Lost 17 Lakhs on 21st and 22nd Jan 2008!!!

Hi Traders and invertors.....

I am a trader and in this market for about an year.....The recent carnage WIPED OUT my entire capital....I am left out with 1 lakh only. But I am glad because at one point of time on 22nd Jan I had 9 lakhs negative balance but that recovered on 23rd Jan.....Now I have started trading in small quantity and making good profits.....hope to recover my loss soon...


Regards,

Nawab

Welcome to this place. Its a part and hope that loss made you more mature and deciplined trader.
Do share your experience to know what was your strategy when you lost and what Lesson's learned and how you imporved your trading approach after 23rd Jan.

u'll recover ur loss but give urself time and implement a trading system that works for u...if u get too desperate to recover ur losses u'll push urself into the hole again...
the simplest way to loose money is trading...so go slow don't use leverage,
keep a balanced mind and then trade...

all the best!

first thing to ask is why... why u lost such high amount..... you played too high risk.... didnt use stoploss..... kept playing the market bait..... ask why to yourself over and over again.....

then do the require things.. like rethink your risk apetite.... change strategy..... use tighter stoplosses.....

Finally dont expect to earn all lost money overnight.... estimate a realistic timeframe and then act accordingly and monitor your progress.... if you are not getting lucky..... be it.... take some time off.... then get back again when you feel comfortable..... dont let emotion play....

Best of luck...

don't worry Nirmal Kotecha lost 6 crores in a single day ...... I'm sure you won't make the same mistake again. Consider it fees you pay to learn about the market ....... just ensure you never risk more than a certain percent of your capital on all trades at any point in time, we would have told you this as we tell everyone else but you probably wouldn't listen to us in the hope of risking more to gain more ...... I think everyone in the markets learns from experience.

@marcus : rightly said.... market is the best teacher.....

NAWAB - WHERE ARE U NOW.

SHARE YOUR EXPERIENCE - incidentally on gaining that negative ^ 8lakhs. your response and strategy applied will be helpful for us.

many of us who lost are watching - but we may have pressed the stoploss button. many of us had started buying only during this session - that too in step by step.

all the best. let marcus and neomustdie get your feedback on this issue.

raghavan.

I am a novice in the market and still learning from all the experts/respected seniors on this forum. When I lose a few hundreds/thousand its heart-breaking. How did you ever manage to get over such a big loss?

Please let us all know what mistakes not to make in the future.

Your last phrase "hope to recover my loss soon..." proves you have proved your nick to be just apt...Nawab...

God Bless !!!

silly question....

but how can a trader get negative bank balance?

like for example, you have shares worth 1 lakh, and the market crash causes them to fall to 1000 rs, you lose 99000, but how will that give a negative bank balance?

As my name says, I'm a newbie, please excuse my ignorance.

For example buy some future share lot worth of 1lakh with a leverage of 1:4 (yours 25K and 75K from your broker).

Market crash and you will be left with 74 thousand negative, which u have to pay anyway from your bank account.